Why wont people give me a loan?

JReacher1

You need a decent credit history if you are asking for a large loan. I am guessing you are after £10-15K and it doesn't sound like you have much of a credit history so companies will be reluctant to lend you such a large sum of cash.

It is not very money saving but have you considered leasing a new car? It could be a good option for you

[Deleted User]

Candyapple wrote: »

Because a lot of people like to drive around in cars that they would never normally be able to purchase with savings / too much of the 'want it now' culture and don't want to save for a few months/years to own outright. By putting them on finance, they get to drive the latest high end models fooling themselves that the car is affordable with their monthly repayments with little thought of what they would do if they got ill/lost their job/saving for the future etc.

OP you need to read this thread:
https://forums.moneysavingexpert.com/discussion/5746050


Your eligibility is not solely based on one factor; any combination of the following factors might be taken into consideration:

- amount of existing debt
- amount of existing available credit
- history of settled accounts
- history of incurring defaults
- number of recent applications for credit
- age
- whether single, married, widowed, separated or divorced
- whether home-owner, tenant or living with parents
- whether you're on the electoral register
- current employment status
- length of time with current employer
- salary

This is by no means an exhaustive list and how each credit-provider assesses you is different; some companies may not consider many of these factors, some may consider even more. Certain factors may not carry any weight and some might dictate the decision-making process completely - you'll never know.

There is no one rule and the only way you'll know is if you apply and are accepted; ultimately, it's up to each company whether they want to give you a loan or not and on what terms. They have no obligation to lend to anyone nor explain or justify their lending criteria.

Please Mods, make this text a Sticky at the top of the Loan/Eligability sub forums !